Jennerex Snags $116M Deal With Transgene
Luke Timmerman9/8/10
Jennerex, a San Francisco-based developer of cancer treatments, is announcing today it has struck a deal with France-based Transgene. Under the deal, Transgene has made an undisclosed equity investment, agreed to pay milestone payments worth as much as $116 million, and provide Jennerex with a double digit percentage royalty on sales of JX-594. In return, Transgene will get exlusive rights to commercialize the drug in Europe, the Middle East, and the Commonwealth of Independent States. The companies are hoping to commercialize an oncolytic virus, a virus that specifically seeks out cancer cells and kills them. The companies are planning to test the drug for liver and colorectal tumors in mid-to-late stage clinical trials
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
